The Korea Technology Finance Corporation (Korea Technology Finance Corporation, Chairman Kim Jong-ho, hereinafter referred to as “KIBO”) announced on Wednesday the 3rd that it signed a “Business Agreement to Strengthen the Technological Competitiveness of SMEs in Chungcheongnam-do” with South Chungcheong Province (Governor Kim Tae-heum, hereinafter referred to as “South Chungcheong Province” ) and South Chungcheong Technopark (Director Seo Gyu-seok, hereinafter referred to as “South Chungcheong TP”) at Divine Valley in Asan, South Chungcheong Province.
This agreement was established to establish a cooperative system to enhance the overall competitiveness of industries in the Chungnam region, a region with a high concentration of future cutting-edge industries, by linking the corporate support systems and regional networks of each organization.
Under the agreement, South Chungcheong Province will provide policy support, including full-cycle R&D support, technology transfer, and commercialization. The South Chungcheong TP will collaborate to establish support processes and promote commercialization for small and medium-sized enterprises (SMEs). Kibo will support innovative SMEs through financial and non-financial support, including technology assessments, technology guarantees, and technology transfer.
In particular, the "Chungnam Customized R&D Linkage Support Program" will be newly introduced as a key collaborative project under this agreement. This program consists of three stages: Phase 1: Pre-R&D Guarantee (KRW 100 million guaranteed by Kibo, interest support from Chungnam Province); Phase 2: R&D (KRW 100 million in subsidies from Chungnam Province); and Phase 3: Post-R&D Commercialization Fund Guarantee (up to KRW 3 billion guaranteed by Kibo).
This program is Kibo's representative R&D full-cycle support model. It is designed to link technological development with actual business results by providing support for the entire process of R&D planning, development, verification, and commercialization of small and medium-sized enterprises, breaking away from the existing method of providing fragmented support through subsidies and loans.
Through this agreement, each organization plans to establish an organic cooperative system and actively support the innovative growth of local SMEs by linking technology financing and policy support to SMEs facing difficulties in securing R&D and commercialization funds amid recent domestic and international economic uncertainties.
Park Joo-sun, Executive Director of Kibo, said, “Chungcheongnam-do is the center of the nation’s key industries such as semiconductors, displays, and automobiles, and is a region with very high growth potential as it is home to a large number of domestic and foreign large corporations with R&D capabilities and small and medium-sized enterprises that are strong in small and medium-sized businesses.” He added, “Kibo will cooperate with relevant organizations to support the activation of R&D and achievement creation of local SMEs so that they can leverage regional strengths, and strive to build a sustainable industrial ecosystem.”
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